21世纪经济报道记者 翁榕涛 实习生 马雨欣 广州报道 近日，证监会印发《推动公募基金高质量发展行动方案》(以下简称《行动方案》)。在基金运营模式、 基金考核模式、基金功能发挥和投资机构建设四个方面做出部署，以增强投资者获得感为核心。 "新规在考核模式指引的层面可能对基金经理的投资策略和基金公司的产品策略产生重大影响。"中信证 券研究报告指出，基准约束和盈利客户比率可能是公募考核新规影响最大的两个规则。 其中，对于三年维度跑输基准的薪酬惩罚一定程度上会约束基金风格偏离的问题；对基金公司管理层考 核盈利客户比例，可能会导致押注明星产品在行情高点冲量的经营模式受到控制。 21世纪经济报道记者从多家基金公司了解到，公募考核新规中对于费率改革以及业绩考核的部分，是业 内最为关注的焦点问题。 多位基金公司相关负责人表示，公司已经在收费模式优化和业绩考核方面做出一定探索，将结合新规要 求进一步完善基金管理，提升投资者体验，更好地服务居民财富管理需求和实体经济发展。 优化收费机制 打破"旱涝保收"传统模式 近年来，公募基金规模增长迅速，总规模从2019年的13万亿元增长至2025年3月底的约32万亿元。 但受股市波动较大等 ...

Group 1 - Gold prices have significantly declined, with COMEX gold futures dropping below $3220 per ounce and London gold reaching $3215.8 per ounce [1][2] - Major jewelry brands in China, such as Chow Tai Fook and Chow Sang Sang, have reduced their gold jewelry prices by 14 yuan per gram, with prices now at 1008 yuan and 1007 yuan per gram respectively [4][7] - Promotional activities ahead of the "5·20" event have led to some gold jewelry prices falling below 900 yuan per gram after discounts [1][7] Group 2 - The recent U.S.-China trade talks have resulted in substantial progress, positively impacting market sentiment, with major U.S. stock indices rising by 1% to 1.5% [1][8] - Analysts suggest that while gold has long-term value, short-term risks of price corrections exist due to profit-taking and reduced demand for safe-haven assets following the trade agreement [8][9] - The domestic stock market has shown signs of recovery, with major indices rebounding to levels prior to the "equal tariffs" situation, indicating improved market sentiment [9]

Core Insights - The establishment of angel mother funds has accelerated across various regions in China to support long-term capital investment in technology innovation [1][2] - Guangzhou's angel mother fund aims for a target scale of 10 billion yuan, with an initial scale of 1 billion yuan, utilizing a "mother-fund + direct investment" model [1][2] Fund Establishment and Scale - Angel mother funds in cities like Shenzhen, Shanghai, Guangzhou, Suzhou, and others have been established, with most having a management scale exceeding 10 billion yuan [1] - Guangzhou's angel mother fund has completed the establishment of 7 subsidiary funds with a total subscription scale of 1 billion yuan and has already paid in 387 million yuan [2] Investment Strategy and Projects - The fund has invested in over 50 projects with a total investment amount of approximately 550 million yuan, including 14 completed projects totaling 70 million yuan [3] - The direct investment projects are primarily incubated by universities and research institutions, with 9 projects from research institutes and 5 from universities and hospitals [3] Collaboration and Ecosystem Development - The fund has partnered with 30 institutions for subsidiary fund establishment, aiming to leverage social capital contributions of nearly 6 billion yuan, achieving a leverage ratio of over 3 times [2] - A total of 371 potential partner institutions have been identified, including 186 leading investment firms and 123 listed companies [3] Future Investment Directions - The fund will focus on guiding long-term capital towards six future industry tracks, including intelligent unmanned systems and cellular and genetic technologies, to enhance Guangzhou's position as a hub for new productive forces [4]

Market Overview - As of May 9, the total ETF margin balance in the two markets is 100.715 billion yuan, a decrease of 0.205 billion yuan from the previous trading day [1] - The financing balance is 95.699 billion yuan, down by 0.223 billion yuan, while the securities lending balance is 5.016 billion yuan, an increase of 18.2826 million yuan [1] - In the Shanghai market, the ETF margin balance is 65.977 billion yuan, a decrease of 0.201 billion yuan, with a financing balance of 61.68 billion yuan, down by 0.227 billion yuan [1] - In the Shenzhen market, the ETF margin balance is 34.738 billion yuan, a decrease of 0.034491 billion yuan, with a financing balance of 34.019 billion yuan, an increase of 3.708 million yuan [1] ETF Margin Balance - The top three ETFs by margin balance on May 9 are: - Huaan Yifu Gold ETF (8.684 billion yuan) - E Fund Gold ETF (7.025 billion yuan) - Huaxia Hang Seng (QDII-ETF) (5.398 billion yuan) [2] - The top ten ETFs by margin balance include: - Huatai-PB CSI 300 ETF (4.883 billion yuan) - Bosera Gold ETF (3.769 billion yuan) - Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF (3.645 billion yuan) [2] ETF Financing Buy Amount - The top three ETFs by financing buy amount on May 9 are: - Huaxia Hang Seng Technology (QDII-ETF) (0.776 billion yuan) - Haifutong CSI Short Bond ETF (0.775 billion yuan) - Huatai-PB Southern East England Hang Seng Technology Index (QDII-ETF) (0.706 billion yuan) [3][4] ETF Financing Net Buy Amount - The top three ETFs by financing net buy amount on May 9 are: - Bosera Convertible Bonds and Exchangeable Bonds ETF (87.5746 million yuan) - Haifutong CSI Short Bond ETF (79.5943 million yuan) - Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF (38.672 million yuan) [5][6] ETF Securities Lending Sell Amount - The top three ETFs by securities lending sell amount on May 9 are: - Southern CSI 500 ETF (61.0973 million yuan) - Southern CSI 1000 ETF (31.8994 million yuan) - Guotai CSI All-Index Securities Company ETF (14.3665 million yuan) [7][8]

Group 1 - The core viewpoint of the news is the introduction of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, which aims to address issues such as "guaranteed returns" and "emphasis on scale over performance" in the public fund industry [1][3] - The public fund market has seen rapid growth, with total assets increasing from 13 trillion yuan in 2019 to approximately 32 trillion yuan by the end of March this year [2] - The Action Plan includes 25 measures to enhance the governance and positioning of fund companies, emphasizing the importance of investor interests and adjusting the assessment of key personnel to align with investor benefits [3][10] Group 2 - The introduction of a floating management fee model based on performance benchmarks for newly established actively managed equity funds is a significant focus of the Action Plan [4] - As of the end of 2024, there are 59 floating fee funds established since 2013, with a total scale of 71.481 billion yuan [5] - The floating management fee mechanism is expected to incentivize fund managers to improve investment capabilities and performance, thereby enhancing the relationship between fund managers and investors [5][6] Group 3 - The Action Plan is seen as both a challenge and an opportunity for fund companies, with those providing long-term stable returns likely to stand out [9] - Fund companies are expected to enhance their core investment research capabilities as a foundation for high-quality development [10] - The emphasis on investor education and understanding of fee structures is crucial for better investment decision-making [9][10]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a significant reform plan aimed at enhancing the quality of public fund development, addressing issues such as "guaranteed returns" and "scale-centric" approaches in the industry [2][9]. Group 1: Reform Measures - The reform plan proposes a comprehensive set of actionable measures to transform public funds from mere asset management entities into wealth management partners that share risks with investors [2][9]. - Fund companies are actively organizing meetings to dissect the plan and implement specific tasks, focusing on product layout and performance assessment [3][4]. - The plan encourages the innovation of floating fee rate mechanisms and the restructuring of performance evaluation systems, emphasizing the need for long-term investor engagement [3][4][10]. Group 2: Product Development - The plan supports the development of actively managed equity funds and encourages the creation of floating fee rate products linked to fund performance and investor returns [3][6]. - Fund companies are preparing to launch floating fee rate products that align management fees with individual investor performance, enhancing the alignment of interests between fund managers and investors [6][10]. - There is a growing interest among leading fund institutions to collaborate on low-volatility products and asset allocation strategies, indicating a new competitive landscape [4][9]. Group 3: Performance Evaluation - The reform plan introduces a new performance evaluation framework that shifts focus from net asset growth to relative benchmark performance and investor returns [4][11]. - Fund evaluation agencies are expected to play a crucial role in designing metrics that reflect the performance of actively managed equity funds, enhancing transparency for investors [5][11]. - Companies are exploring ways to optimize their research and investment teams' assessment and incentive structures, aiming for a long-term performance evaluation system [7][8]. Group 4: Compliance and Risk Management - The plan emphasizes the importance of compliance and risk management, urging firms to strengthen their proactive and forward-looking risk control measures [5][11]. - Fund companies are expected to enhance their compliance frameworks to ensure stable and regulated operations, safeguarding against potential risks [5][11]. Group 5: Industry Response and Expectations - Major fund companies have expressed strong support for the reform measures, highlighting the plan's alignment with investor interests and the need for a return to fiduciary responsibilities [9][10]. - The industry anticipates the release of additional detailed regulations to support the implementation of the reform plan, particularly regarding performance benchmarks and sales fee management [12][13].

Group 1 - The core point of the news is the personnel change at AVIC Fund, where Deng Haiqing has stepped down as the fund manager of the AVIC Mixed Reform Selected Fund, effective May 6, 2025, and will be succeeded by Fang Cen, while Deng continues as the company's Deputy General Manager and Chief Investment Officer [1][2][3] Group 2 - Deng Haiqing's departure is attributed to internal work adjustments within the company [3] - Deng has a rich background in finance, holding a PhD in Finance from Fudan University and has worked at notable institutions such as Guotai Junan Securities and CITIC Securities [4] - During Deng's tenure from December 4, 2023, to May 6, 2025, the AVIC Mixed Reform Selected Fund experienced a total loss of 13.45%, underperforming its benchmark by 21.64%, ranking 3643 out of 4028 in its category [4] - The fund has been heavily invested in the real estate sector, with its top holdings including Vanke A and other major real estate companies [4] Group 3 - The China Securities Regulatory Commission (CSRC) has introduced a new action plan aimed at promoting high-quality development in the public fund industry, which includes measures to adjust performance compensation for fund managers based on their long-term performance [7][8] - Deng Haiqing commented on the new regulations, describing them as a milestone event for the industry and emphasizing the need for a shift towards long-term value investment [8] Group 4 - AVIC Fund was established in 2016 and is a broker-based public fund, with a management scale of 43.133 billion yuan, ranking 87th among 162 licensed public funds in the market [9]

Group 1 - The core viewpoint of the article is that several funds are changing their performance benchmarks to better reflect their risk-return characteristics and investment strategies [1][4][5] - On May 9, 2023,浦银安盛基金 announced changes to the performance benchmarks of three bond funds, indicating a trend of adjusting benchmarks across the industry [4][5] - As of May 11, 2023, a total of 73 funds have changed their performance benchmarks this year, including various types such as equity mixed funds and bond funds [5][6] Group 2 - The adjustments in performance benchmarks are primarily driven by fund managers' considerations of more appropriate benchmarks in light of changes in investment direction [5][6] - The China Securities Regulatory Commission (CSRC) has emphasized the need to strengthen the constraints of performance benchmarks in its recent action plan for the high-quality development of public funds [7][8] - The CSRC aims to establish regulatory guidelines for setting, modifying, disclosing, and continuously evaluating performance benchmarks to ensure they serve their intended purpose effectively [8]

Core Viewpoint - The introduction of a "sale coordinator" role in the issuance of the Southern Shanghai Stock Exchange Science and Technology Innovation Board Growth ETF is a rare occurrence in the fund issuance process, indicating potential adjustments in response to new market conditions [1][3][5]. Group 1: Role of Sale Coordinator - The sale coordinator is responsible for managing the flow of funds during the fund subscription period, ensuring that the funds are collected and allocated to the fund custodian account [2][4]. - This role is uncommon in the issuance of ETFs and almost non-existent in non-ETF fund issuances, suggesting a unique approach taken by the fund company [1][6]. - The addition of a second sale coordinator, Zhongtai Securities, alongside Changjiang Securities, reflects a possible adaptation to recent developments in the ETF market [6][8]. Group 2: Fund Issuance Process - The Southern Shanghai Stock Exchange Science and Technology Innovation Board Growth ETF is open for subscription from May 6 to May 16, with both online and offline cash subscription options available [3]. - The issuance process involves multiple parties, including the fund company, distribution agencies, and custodians, with brokers typically acting as distribution agents [3][4]. - The introduction of the sale coordinator may enhance the efficiency of the fund issuance process, aligning with the broader goal of high-quality development in the public fund industry [9][10]. Group 3: Regulatory Context - The recent regulatory framework emphasizes the importance of fund issuance as a critical component of high-quality development, with specific measures aimed at optimizing the registration process for equity funds [9][10]. - The new measures aim to enhance the scale and proportion of equity investments, reflecting a shift towards prioritizing investor interests in fund operations [10].

Core Viewpoint - The article discusses the volatility of global assets and identifies the best-performing safe-haven assets based on historical data analysis over the past 20 years, emphasizing the importance of risk-adjusted returns in investment strategies [4][21]. Group 1: Market Volatility - The recent market fluctuations have been more significant compared to previous years, with the A-share market performing relatively well, while the US stock market has experienced a notable decline of over 20% in the last two months [4][6]. - Long-term investors may view recent downturns as mere corrections, but those who entered the market in January may feel the impact of a 2.6%+ decline over a month [6]. Group 2: Key Metrics for Safe-Haven Assets - Important metrics for evaluating safe-haven assets include maximum drawdown, recovery time from drawdowns, and the probability of positive returns over various holding periods [11][12][13]. - The analysis includes various global stock markets, bond markets, commodities, and cash-like investments to determine their performance as safe-haven assets [14][15]. Group 3: Performance of Safe-Haven Assets - The analysis reveals that Chinese money market funds are the top-performing safe-haven asset, with only a 0.03% maximum drawdown and a 100% probability of positive returns over one year [19][21]. - In contrast, US short-term government bonds have a lower positive return probability of only 40% during low-interest periods, indicating their limited effectiveness as a safe haven [21]. Group 4: Comparison of Bonds and Gold - Chinese bonds exhibit a maximum drawdown of 14.52% with a high probability of positive returns over five years, while US bonds have a maximum drawdown of 51.76% and a less than 50% probability of positive returns annually [24]. - Gold has shown significant price increases recently but has also experienced substantial drawdowns in the past, highlighting the need for caution regarding its volatility [25]. Group 5: Stock Market Performance - The Indian stock market demonstrates the highest risk-return efficiency, with a 97.89% probability of positive returns over five years, outperforming US and Chinese markets [26][28]. - Emerging markets, such as Vietnam, show extreme volatility, with a maximum drawdown of 79.35%, indicating high risk for investors [29][30]. Group 6: Multi-Asset Strategy - A balanced risk parity strategy combining A-shares, Taiwanese stocks, US bonds, gold, and Chinese money market funds yields a Sharpe ratio of 1.134, indicating superior risk-adjusted returns compared to individual assets [34][35]. - This multi-asset approach provides stability and a high probability of positive returns over various holding periods, making it a viable long-term investment strategy [35].